In the first quarter of 2021, the Ethereum network settled a whopping $1.5 trillion in transactions. Ryan Watkins of Messari Research shared the milestone on Twitter.
Data from Messari, an online database for crypto data and market intelligence, suggests that Ethereum might settle up to $6 trillion in transactions by the end of the year. This assertion is based on the assumption that the network’s quarterly settlements stay constant and that other competing networks such as Binance Smart Chain, do not capture more of Ethereum’s market share.
Speaking of market share, the former CEO of Bitmex, Arthur Hayes, who once called Ethereum a “double-digit shitcoin” recently wrote that no other smart contract-based blockchain has been able to overthrow Ethereum despite its shortcoming. He hyped the blockchain as the “most developed.” Hayes said:
Ethereum is the most developed, decentralised smart contract network. Even though the gas fees are currently astronomical, it is a good problem to have. No other public smart contract-enabled blockchain operates at the scale of Ethereum. When they do, I will refresh this analysis.